Pakistan in 2022 became the canary in the mine of climate change. The flood that ravaged one-third of the country this year came from the sky, not from overflowing rivers. An area larger than many European countries became a flood-lake many feet deep. The calamity was an undeniable consequence of global warming. Pakistan has [been] flooded before but it has…
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The World Bank has estimated that the total investment needs for a comprehensive response to Pakistan’s climate and development challenges between 2023 and 2030 amount to around $348 billion which is equal to 10.7 per cent of cumulative GDP for the same period. This consists of $152bn for adaptation and resilience and $196bn for deep de-carbonisation, reveals the Country Climate…
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The Government is likely to engage an international firm to represent the government of Pakistan (GoP) at the London Court of International Arbitration (LCIA) in dispute with Star Hydro Power Limited (SHPL) and National Transmission and Despatch Company Limited (NTDCL), well informed sources told Business Recorder. In this regard, a meeting was held at the Office of the Attorney General…
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After braving high-level market volatility in Britain’s biggest IPO of the year, North Sea oil and gas producer Ithaca Energy warned that any further boost to a UK windfall tax would render the aging basin uneconomical as an energy crisis engulfs Europe. “The government has structured the EPL in a very thoughtful manner to continue to promote investment in the…
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Pakistan can reduce its import bill by exploiting its great potential for growing tea on a large scale, Wealth PK reported. Tea is one of the most important high-value cash crops. Despite its low cost, tea is the most popular beverage in Pakistan. The country has great potential for tea plantation on a large scale. Abdul Waheed, Director of National…
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The gas shortage will haunt the consumers during upcoming winter season, as there in no improvement in the gas supply position in the country vis-à-vis the previous year.As much gas quantity as last year’s has been arranged for the upcoming winter season, said Minister of State for Petroleum Division Musadik Malik while addressing a press conference here Wednesday. However, the…
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Europe may face an even more acute energy crunch next year after draining its natural gas tanks to get through the cold of this winter, the head of the International Energy Agency said on Wednesday, as the EU looks for ways to ease the crisis. European countries have filled storage tanks to around 90% of their capacity after Russia cut…
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OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the US administration called the surprise decision shortsighted. OPEC’s de-facto leader Saudi Arabia said the cut of 2 million barrels per day (bpd) of output – equal to 2% of global supply – was necessary…
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United Arab Emirates President His Highness Sheikh Mohamed bin Zayed Al Nahyan and President Abdel Fattah El Sisi of Egypt witnessed the signing of an agreement between Masdar, one of the world’s fastest-growing renewable energy companies, along with its Infinity Power joint venture with Infinity, Egypt’s main renewable energy developer, and Hassan Allam Utilities, to develop a 10-gigawatt (GW) onshore…
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